According to the latest Debt Per Capita Report, every Nigerian now owes approximately N619,501. This figure represents the per capita share of Nigeria’s national debt, which has been rising steadily due to increased borrowing for infrastructure development, social programs, and to cover budget deficits.
The report highlights the growing concerns about Nigeria’s debt sustainability, as the country’s debt stock continues to increase. Critics argue that the burden of the debt may weigh heavily on the economy, especially if revenue generation does not improve or if the country faces any economic shocks. The rising debt has sparked debates about fiscal responsibility, with some advocating for better management of the nation’s resources and prioritization of domestic revenue generation over external borrowing.
The growing debt burden also raises concerns about the capacity of the government to meet its debt obligations without cutting crucial investments in areas like education, healthcare, and infrastructure, which are essential for the country’s development.
